Steinhoff – A fall from grace
2017 will undoubtedly be remembered as the year the Steinhoff saga unravelled; taking the shine off what was an otherwise impressive year for investor returns. Up to the end of November 2017, SA equity investors had been rewarded with mid-to-high teen returns for 2017 which was welcome reprieve from the lacklustre returns of the previous two years when the SA equity market had tracked sideways.
Market Commentary – April 2018
After a prolonged period of lacklustre growth post the Global Financial Crisis (GFC), the global economy finally saw its fortunes turn last year, with the recovery being highly synchronised in both developed and emerging markets. This growth momentum, albeit slowing, has continued into 2018 with manufacturing PMI indices remaining elevated. The prospect of trade wars has, however, dampened the growth outlook somewhat....
Stock pickers at CORE
Afena Capital relaunched its Core Equity offering on 1 October 2016. On the occasion of its 1st anniversary it would be useful to reflect on the past year’s performance and learnings and look forward to the opportunities presented. Core equity is the lowest risk of Afena’s 3 equity strategies, the others being Afena Moderate Equity and Afena Unconstrained Equity. While lower risk in nature, it need not be the lowest on a risk adjusted return basis, as we will seek to explain below...